The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2018, bank statement included the following information: Balance, October 1, 2018 $ 32,690 Deposits 86,000 Checks processed (75,200) Service charges (350) NSF checks (1,600) Monthly loan payment deducted directly by bank from account (includes $400 in interest) (3,400) Balance, October 31, 2018 $ 38,140 The company’s general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224, and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.Required:1. Prepare bank reconciliation on the Form Provided for the month of October, 31, 2018.2. Prepare the necessary journal entries at the end of October on the Journal Paper provided to adjust the general ledger cash account. Please set the answer as book side and bank side because thats how the form was provided to me by my teacher
Ashley inherited all of the property of her aunt, who died in 2019.
Question Ashley inherited all of the property of her aunt, who died in 2019. Her aunt’s adjusted basis for the property at the date of death was $4,200,000. The property’s fair market value was $6,500,000 at the date of death and $6,800,000 six months after the date of death.Ashley’s basis for income tax purposes is $.
-Reading the notes to the financial statements, as well as
-Reading the notes to the financial statements, as well as the balance sheet, post information about the Accounts Receivable for your company. Who owes the company money? It is possible that your selected company does not report accounts receivable as a separate line item because the company does not generally sell on credit terms. -Search for the phrase “Bad Debts” or Allowance (for collectible accounts). When you read the balance sheet, you may see that the receivables are listed as a net of $X,XXX to show the Allowance for Bad Debts. Comment about the changes in Accounts Receivable and the Allowance for Bad Debts. Are they increasing or decreasing? How does this relate to sales (are sales increasing or decreasing)? -Property, Plants, and Equipment / PPE (Capital Assets; Fixed Assets): Comment about PPE and accumulated depreciation. How are these values changing from year to year: PPE, Accumulated Depreciation, and Net PPE?https://www.sec.gov/ix?doc=/Archives/edgar/data/829224/000082922419000051/sbux-9292019x10xk.htm#sEC644B8A76165313845DFE476C53215D
Use this information to Complete Form 1120, pages 1-6 and Form 1125E
Question Use this information to Complete Form 1120, pages 1-6 and Form 1125E for the year 2019. Download the forms from the IRS website for tax problem 106. Federal income taxes should be $136,500 and net income per books should now be $578,500. Additionally, the prepaid federal income taxes should be $83,500 with total assets equaling $6,560,500 and total liabilities and owner’s equity equaling $6,560,500 for balance sheet purposes.
4: Calculation of Ending Retained Earnings (6 marks)
Question Question 4: Calculation of Ending Retained Earnings (6 marks)
The records of Biloxi Corp. for calendar 2017 reflected the following correct pre-tax amounts: gain from discontinued operations, $50,000; cash dividends declared and paid, $45,000; retained earnings, January 1, 2017, $275,000, correction of accounting error, $35,000 debit; income before income taxes and before discontinued operations, $165,000. The average income tax rate of 40 % applies to all items except the dividends.Required:Calculate the December 31, 2017 ending balance of retained earnings
6 Calculate depreciation and CCA (13 marks)
Question Question 6 Calculate depreciation and CCA (13 marks)
Five identical vehicles which cost $500,000 (total) are acquired on April 1, 2017. Their estimated residual value is $20,000 and expected life is eight years. These assets are Class 10 with a maximum CCA rate of 30%. The company has a December 31 year end.Required: Calculate the depreciation expense/CCA (to the nearest dollar) by each of the following methods:a) Straight-line for 2017b) Double declining-balance for 2018c) Maximum Capital cost allowance for 2018
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